South Korea’s Kookmin Bank Partners with Bitcoin Startup Circle

Rage Review : South Korea's KB Kookmin Bank and Circle, a well-funded startup in the Bitcoin field, signed a cooperation agreement to expand their business in the blockchain field, and also signed another agreement to develop a mobile authentication application. A month ago, Circle raised $60 million from Chinese investors. This cooperation marks the startup's entry into the Asian digital currency market.

Translation: Nicole

KB Kookmin Bank, one of South Korea’s largest banks, has signed a partnership agreement with Circle, a well-funded startup in the bitcoin space.

Today, KB Kookmin announced a memorandum of understanding with bitcoin payments startup Circle and local startup Coinplug, a South Korean startup that previously revealed it was working with the Bank of Korea to develop a blockchain remittance prototype.

According to Business Korea, KB Koomkin has agreed to expand its business in the blockchain field and has also signed a separate agreement to develop a mobile authentication application.

The partnership comes about a month after Circle announced it had raised $60 million from Chinese investors, marking the startup’s entry into the Asian digital currency market.

“We are very excited to be working with Circle, a top technology company in London and a hub for the fintech industry,” a representative of the Korean bank told the publication. “KB Kookmin Bank will strive to leverage advanced technologies to provide a better experience for our consumers.”